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Media Reports >> For
Year 2010
Bahrain – 2 November 2010 – United Gulf Bank B.S.C. (c) ("UGB"), the asset management and investment banking platform of the KIPCO Group, today announced its financial results for nine months ended 30 September 2010.
Key Financial Highlights § Net profit for nine months increased 128.2% to 41.4 million (Q309: $18.2 million) § Total income up 15.2% to $105.7 million (Q309: $91.7 million) § Net profit for the quarter increased 218% to $9.9 million (Q309: $3.1 million) § Total income for the quarter up 28.6% to $33.2 million (Q309: $25.8 million) § Basic earnings per share for the quarter up 192.5% to 1.17c (Q309: 0.4c) § Total assets $1.9 billion for nine months to 30 September 2010 (Q3YTD: $ 2.4billion)
Masaud Hayat, Chairman of UGB, said, “Following the realignment and consolidation of our business through the sale of our commercial banks to Burgan Bank, we can now focus on our core areas of expertise of asset management and investment banking and develop our strategy to create a platform of long term growth for our investors and shareholders.
Financial Performance UGB delivered a strong financial performance in the three months ending 30 September 2010 despite the continued volatility of global and regional markets. Income before interest and other expenses increased by 28.6% to $33.2 million in the three months to 30 September 2010 from $25.8 million in the same period for 2009. Net profit for the three months to 30 September 2010 increased by 218% to $9.9 million compared to the three months ended 30 September 2009, with earnings per share increasing by 192.5% to 1.17c from 0.4c in 2009. On a nine months basis, UGB recorded income before interest and other expenses of $105.7 million for the year to 30 September 2010 compared to $91.7 million for the nine months ended 30 September 2009. Net profit for the nine months to 30 September 2010 was up 128.2% to $41.4 million compared to $18.2 million for 2009. Basic earnings per share grew 126.5% to 5.05c for the nine months to 30 September 2010, compared to 2.23c for the comparable period in 2009. Total assets stood at $1.9 billion as at 30 September 2010, a slight increase from $1.8 billion as at 30 June 2010, but, down from the $2.4 billion recorded at the end of 2009. The decrease in assets follows the disposal of UGB's stake in Tunis International Bank undertaken during the second quarter of 2010. The transaction resulted in a $43.8 million gain for UGB. UGB retains a strong balance sheet with a capital adequacy ratio of 18%, well above the Central Bank of Bahrain’s minimum level of 12.5%. Assets under management were $8.1 billion as at 30 September 2010, compared to $7.4 billion for the three months ending 30 September 2009 reflecting favourable results in a challenging environment.
David Rhodes, Chief Executive Officer, UGB, commented, “The past quarter has been about developing our strategy to create the region's leading asset manager and investment bank, which includes working with a range of strategic partners to create opportunities that will position UGB as a leading financial institution for the region. The regional and global markets continue to be volatile as the world works through the effects of the global downturn. However, we believe that the fundamentals of the Middle East are strong. This is a growth region and we intend to be at the heart of the region's asset management and investment banking future." -ENDS - About UGB: UGB, the investment banking subsidiary of KIPCO Group, manages a regional network of investment banking and asset management companies. Its proprietary investments include assets in real estate, private equity, structured products and quoted securities. As of 30 September 2010 assets under management exceeded US$ 8.1 billion (31 December 2009: US$ 7.2 billion). UGB’s core subsidiaries, associates and joint venture include: Al Dhiyafa Holding Company, Al Sharq Financial Brokerage Company, KIPCO Asset Management Company (KAMCO), Manafae Investment Company, Millennium Private Equity Limited, North Africa Holding Company, Royal Capital Company, Syria Gulf Bank, United Networks (formerly United Cable Company), United Gulf Financial Services – North Africa, United Industries Company and United Real Estate Company. UGB and its subsidiary KAMCO have a proven track record of successfully completing around 60 investment banking transactions for its clients since 2001 with an aggregate value of over US$ 8 billion including corporate finance, advisory, new issue placement and underwriting, corporate restructuring, bond issuance and merger and acquisition.
About KIPCO Group: KIPCO Group is one of the largest diversified holding companies in the Middle East and North Africa, with consolidated assets of US$ 18.6 billion. The Group has substantial ownership interests in a portfolio of over 60 companies operating across 26 countries. The company’s main business sectors are financial services and media. Through the subsidiaries and affiliates of its core companies, KIPCO also has interests in the real estate, manufacturing, airline, education and management advisory sectors.
For further information: United Gulf Bank Anne Khoshabi T: +97317533233 E: akhoshabi@ugbbah.com
FD John Hobday T: +971504648706 E: john.hobday@fd.com
Hugh Barker T: +971502487620 E: hugh.barker@fd.com
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